Energy firm aims to be world leader

ST ANNES-based energy analysts Inenco is on the lookout for new acquisitions after its parent group raised £50m for further expansion.

Utility support services group Spice raised the funds following a rights issue within the company.

And Spice chief executive, Fylde businessman Simon Rigby, said the time was now right in the market for his company to check out new investments.

Inenco, which manages almost 1bn of gas and electricity supply in the commercial sector, has played a key role in the growth of Spice.


Its parent company, which has now joined the London Stock Exchange from the AIM, is expected to break into the FTSE 250 within the next few months.

Mr Rigby said the 40 per cent hike in commercial fuel bills meant companies of all sizes were looking at ways to reduce energy consumption.

He added: "Energy saving is going to be a huge market. UK plc is determined to be a world leader in energy efficiency.

"With the current credit environment we believe there will be chance of a lifetime opportunities to consolidate the energy market even further."

Inenco's managing director Chris Lee said: "These are exciting times for both Spice and ourselves as we continue to go from strength to strength.

"We are now in a good position to capitalise on the opportunities which we see in the marketplace."

Inenco has a workforce of around 200, including its sister companies of Energy 2000 and Saturn Energy Limited.

Founded in 1968, the company is now the UK's leading provider of energy and overhead cost control to industrial, commercial and retail customers, along with leading public sector bodies.

Inenco joined Spice plc, which is based in Leeds, in an 11.8m merger in June 2006.

Earlier this year Spice plc went on to acquire Liverpool-based Saturn Energy and Lytham St Annes-based commercial energy broker Energy 2000.

Both moves helped to underpin the future growth of Inenco whose clients include Kellogg's, Marks & Spencer, JP Morgan Chase and The Spirit Group.